Abby McCloskey and Paul H. Kupiec have an informative op-ed in yesterday’s American Banker on one aspect of the incomprehensibly complex Dodd-Frank legislation. Here’s a bit:

This type of regulatory discretion is not uncommon in the world, but it is usually found in “banana republics” and countries where the government runs the banking system. Such unconstrained authority opens up all sorts of avenues for partiality and government intrusion into a financial institution’s operations.